Oak Associates Ltd. OH Cuts Holdings in McKesson Corporation $MCK

Key Points

• Oak Associates Ltd. OH reduced its stake in McKesson Corporation by 3.6%, selling 688 shares in the first quarter, and now holds 18,263 shares valued at approximately $12.29 million.
• McKesson recently announced a quarterly dividend of $0.82, an increase from the previous $0.71, representing an annualized dividend of $3.28 with a yield of 0.5%.
• Market analysts have a consensus rating of "Moderate Buy" for McKesson, with a target price range between $725.10 and $810.00 following the latest evaluations from firms like Morgan Stanley and Bank of America.

Oak Associates Ltd. OH decreased its position in shares of McKesson Corporation (NYSE:MCK - Free Report) by 3.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,263 shares of the company's stock after selling 688 shares during the period. Oak Associates Ltd. OH's holdings in McKesson were worth $12,291,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital A Wealth Management LLC purchased a new stake in McKesson during the fourth quarter valued at approximately $26,000. Bank of Jackson Hole Trust lifted its position in McKesson by 64.3% during the first quarter. Bank of Jackson Hole Trust now owns 46 shares of the company's stock valued at $29,000 after acquiring an additional 18 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its position in McKesson by 1,366.7% during the first quarter. CBIZ Investment Advisory Services LLC now owns 44 shares of the company's stock valued at $30,000 after acquiring an additional 41 shares during the last quarter. Pandora Wealth Inc. purchased a new stake in McKesson during the first quarter valued at approximately $40,000. Finally, Dagco Inc. purchased a new position in shares of McKesson in the first quarter worth $47,000. Hedge funds and other institutional investors own 85.07% of the company's stock.

Insiders Place Their Bets

In other McKesson news, CAO Napoleon B. Rutledge, Jr. sold 329 shares of McKesson stock in a transaction on Friday, August 8th. The shares were sold at an average price of $663.67, for a total value of $218,347.43. Following the completion of the transaction, the chief accounting officer owned 657 shares of the company's stock, valued at approximately $436,031.19. The trade was a 33.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian S. Tyler sold 19,371 shares of McKesson stock in a transaction on Friday, July 11th. The shares were sold at an average price of $708.09, for a total transaction of $13,716,411.39. Following the completion of the transaction, the chief executive officer directly owned 27,872 shares of the company's stock, valued at $19,735,884.48. The trade was a 41.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 62,930 shares of company stock valued at $44,112,466 in the last ninety days. 0.08% of the stock is owned by corporate insiders.

McKesson Stock Performance

Shares of McKesson stock traded up $5.42 during trading on Monday, hitting $686.44. 880,317 shares of the company's stock were exchanged, compared to its average volume of 980,199. The business has a 50-day simple moving average of $702.44 and a 200-day simple moving average of $688.57. McKesson Corporation has a 52-week low of $464.42 and a 52-week high of $737.89. The stock has a market capitalization of $85.38 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.37 and a beta of 0.51.

McKesson (NYSE:MCK - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $8.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.33 by ($0.07). McKesson had a negative return on equity of 196.66% and a net margin of 0.84%.The business had revenue of $97.83 billion for the quarter, compared to analysts' expectations of $95.93 billion. During the same period last year, the business earned $7.88 EPS. The company's revenue for the quarter was up 23.4% on a year-over-year basis. On average, equities analysts anticipate that McKesson Corporation will post 32.77 earnings per share for the current fiscal year.

McKesson Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a dividend yield of 0.5%. This is a boost from McKesson's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Tuesday, September 2nd. McKesson's dividend payout ratio is 13.08%.

Wall Street Analyst Weigh In

MCK has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an "overweight" rating and issued a $810.00 price target (up previously from $770.00) on shares of McKesson in a report on Wednesday, July 16th. Cowen reaffirmed a "buy" rating on shares of McKesson in a report on Thursday, August 7th. Wells Fargo & Company raised their price target on shares of McKesson from $766.00 to $772.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Wall Street Zen cut shares of McKesson from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Evercore ISI raised their price target on shares of McKesson from $760.00 to $800.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $725.10.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.